Canada's overall numbers are not as impressive, but they reflect the growth rotation that will see exports and business investment grab the baton from the consumer and housing sectors. Conditions already favour export growth: a weakening loonie, a surge in leading sectors, a key export market that is leading the way, and strong demand for resources.

International trade will be a key growth driver for the Canadian economy this year and next. However, the distribution of export growth in Canada's provinces is anything but even. Some are leading the charge, while others are steady at the national pace. Others are lagging behind, some quite seriously. What are the key factors influencing the different growth patterns?

As of December, US housing starts are just shy of the million mark, up 37 per cent over December, 2011. In contrast, Canada's January starts plunged 20 per cent compared with year-ago data, eking out just 161,000 units. Are we headed for recession while the US economy recovers?

Housing markets are on a tear south of the border. Against expectations, US housing starts surged to 894,000 units in October, up 42 per cent over last year's number. Some believe this is the real thing, the leading edge of a true and sustainable recovery. Others aren't persuaded, convinced that this is just another flash in the pan. Their reasoning? No jobs, no housing recovery. Are they right?